The Securities and Exchange Board of India vide its Circular dated 24th April 2020 has extended the timelines for complying with regulatory requirements by the depositories and depository participants due to COVID-19 pandemic.
The relaxation in timelines are as follows:
- Submission of BO (Beneficial Ownership) Grievances Report to Depositories has been extended till 18th May 2020 for the month of March 2020 and April 2020.
- Submission of half-yearly Internal Audit Report (IAR) by DPs for the half-year ended March 2020 has been extended till 30th June 2020, for half year ended March 2020.
- A 15-day time period after May 17 has been given to depository and depository participants to clear the back log of redressal of investor grievances, transmission of securities and closure of demat account.
- The Transmission of securities shall be done within 7 days after receipt of all requisite documents. However the period from 23rd March 2020 till 17th May 2020 has been excluded.
- The systems audit on an annual basis has been extended till July 31, 2020 for the financial year ended March 31, 2020.
- Compliance norms have also been eased with regard to closure of demat accounts by excluding the time period from 23rd March 2020 till 17th May 2020.
- The reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications has been extended till May 31, 2020, for the quarter ended March 2020.
- Risk-Based Supervision has been extended till June 30, 2020, for the half year ended March 2020.
Click here to read the Circular.
